{"id":83253,"date":"2024-02-08T00:00:00","date_gmt":"2024-02-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/08\/its-a-wrap-for-the-pif-private-sector-forum\/"},"modified":"2024-02-08T00:00:00","modified_gmt":"2024-02-08T00:00:00","slug":"its-a-wrap-for-the-pif-private-sector-forum","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/08\/its-a-wrap-for-the-pif-private-sector-forum\/","title":{"rendered":"It\u2019s a wrap for the PIF Private Sector Forum"},"content":{"rendered":"

The PIF\u2019s Private Sector Forum wrapped up yesterday following two-days of talks on <\/strong>empowering the private sector as the Kingdom looks to raise the sector\u2019s contribution to GDP to 65% by 2030. It also saw the signing of a number of agreements in key sectors under the Kingdom\u2019s economic diversification plan. Here\u2019s what you need to know: <\/p>\n

#1- The share of local content spending across the PIF\u2019s portfolio came in at 46% last <\/strong>year<\/strong>, Jerry Todd, who heads the fund\u2019s National Development Division, said yesterday<\/a> during a session. He said the PIF aims to reach a local content spending target of 60% by 2025. \u201cThere\u2019s a challenge around shifting local content from only a procurement to discussion to a design and engineering discussion,\u201d Todd said, revealing that the fund will launch a \u201cdesign competition\u201d to help spread awareness on shifting to local materials. \u201cWe need that awareness not only with architects and engineers but also with the client themselves,\u201d he said.<\/p>\n

#2- PIF-owned Diriyah Gate Development Authority (DGDA) signed two agreements worth <\/strong>over SAR 2.7 bn <\/strong>on the sidelines of the forum, its CEO Jerry Inzerillo told Arab News<\/a>. The first agreement, worth SAR 2 bn, was signed with local firm Al Ayuni Investment and Contracting Co for infrastructure development in the area. A second SAR 700 mn agreement was signed with Saudi Constructioneers to set up Ritz-Carlton residences in Diriyah, he said.<\/p>\n

DGDA will launch 11 new projects in the tourism, entertainment and leisure sectors by <\/strong>the end of the year<\/strong>, Inzerillo said. The projects include the King Salman Boulevard, which is dubbed the Kingdom\u2019s version of the popular Champs-Elysees in Paris. Inzerillo said the DGDA plans to award over USD 3 bn in contracts focused on infrastructure and design engineering.<\/p>\n

#3- The PIF\u2019s Rua Al Madinah Holding <\/strong>signed two contracts<\/a><\/strong> worth over SAR 300 mn with <\/strong>unnamed \u201cglobal expert houses\u201d<\/strong> for the development of a number of hotels in its landmark project in Madinah.<\/p>\n

#4- The PIF really loves tourism: <\/strong>PIF-owned tourism investment company Asfar signed three MoUs with the private sector to explore potential tourism investments in the Eastern Province, Asharq Al Awsat<\/a> reported. They also plan to launch a multi-purpose tourism project in Al Ahsa \u2014 the largest governorate in the Eastern Province. <\/p>\n

#5- Roshn\u2019s Al Fulwa development is getting a push: <\/strong>PIF\u2019s real estate subsidiary Roshn signed agreements and contracts with Al Ayuni Investment and Contracting, local contractor Ansab and Saudi Ceramics to design and set up residential units and utilities to its integrated development Al Fulwa<\/a> located south of Hofuf.<\/p>\n

#6- And coffee beans: The PIF\u2019s Saudi Coffee Company (SCC) signed <\/strong>nine agreements<\/a><\/strong>with global and local partners <\/strong>aimed at boosting the local coffee industry. Those include a purchasing contract with local contractors to set up necessary infrastructure for farm lands to harvest coffee beans in Jazan. It also signed an agreement with Saudi Argo for advanced irrigation solutions to help it lower water consumption at its farms. <\/p>\n

Your next cup of coffee could be roasted by the SCC:<\/strong> The SCC also signed purchasing contracts with Barns, Bon Cafe, Al Hokair Group and others to supply them with locally produced specialty coffee.<\/p>\n

Also from the form:<\/strong><\/p>\n